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fflRmCRS £DUDflTI0i1flL flHD COOP€RflTlV€ UOIOD 3 5 0 1 EAST 46th AVENUE, DENVER, COLORADO OFFICE OF THE PRESIDENT July 30, 1948 AIR MAIL Hon. Marriner Eccles Federal Reserve Board Washington, D. C. Bear Mr. Eccles: I noticed i n the press that you were t e s t i f y ing yesterday on the economic s i t u a t i o n i n the B&ited States. I would l i k e very such to have a copy of your testimony, and also a copy of the transc r i p t of the record as soon as i t i s a v a i l a b l e . From the press r e p o r t , I take i t that you f e e l that we have gone so f a r that nothing but a major crash i s possible. I would very much appreciate any comments you would care to make to me personally, and i f you want them treated as c o n f i d e n t i a l , I c e r t a i n l y w i l l t r e a t them i n that fashion. I t has been a long time since I have had a good v i s i t w i t h you, hut I^secttnpe to admire your f o r t h r i g h t stand on iar Kindest perso PATTON President NATIONAL FARMERS UNION August 18, 1948. Dear Jim: 1 have delayed replying to your letter of July 30 awaiting the printing of the transcript of my testimony before the Senate banking and Currency Committee. It has just arrived and I take pleasure in sending you a copy as yourequested. I did not have time to prepare any statement in advance. my testimony was off the cuff. I sought to point out that we have gone so far that I can see no possibility of avoiding some degree of corrective deflation in the end* which means of course unemployment and reduced production. But I also ssLid that its severity could be moderated by appropriate Government action so that there is no reason why we should have a major crash. I appreciate your generous personal references and trust I will have an opportunity to see you when you have occasion to be in town. Let me take this opportunity to reciprocate your kind personal regards and best wishes. Sincerely yours, Mr. James G. Patton, President, National Farmers Union, 3501 last 4 6 t h Avenue, Denver, Colorado. Enclosure ET:b
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